PRESS RELEASE

Residential Appraisers Sue Bank of America for Unpaid Wages

April 10, 2013 Oakland – A Residential Appraiser has filed a class and collective action suit against Bank of America and its in-house appraisal firm, LandSafe, Inc., seeking to recover millions of dollars in unpaid wages. The suit claims that Bank of America misclassifies its Appraisers as “exempt” from overtime pay, among other violations of California and federal law, requiring them to work far in excess of a forty-hour work week without overtime compensation. Appraisers complete form valuations of residential properties by plugging in data to meet Bank of America’s well-defined criteria. The appraisals are a necessary step in Bank of America’s issuance of home loans and refinancing.

“Bank of America is taking advantage of its appraisers by working them around the clock,” said Lead Plaintiff Terry P. Boyd, a former Bank of America and LandSafe Appraiser. “Appraisers who are working nights, weekends and holidays at significant personal cost should be receiving overtime pay,” Boyd continued.

The lawsuit, filed in the Los Angeles-based U.S. District Court for the Central District of California, alleges that Appraisers have unlawfully been deprived of overtime pay and meal and rest period premiums, itemized wage statements, and certain reimbursements required under California law. The Complaint alleges that Appraisers are subject to detailed standards and internal guidelines for the production of appraisals, placing the Appraisers squarely outside of the so-called “white collar” exemptions to the Fair Labor Standards Act and California wage and hour protections.

“These appraisers do not sell anything, but their work is integral to the production of residential loan sales,” said Bryan Schwartz, whose firm, Bryan Schwartz Law  represents the Plaintiffs. “As such, they should be getting paid overtime. We look forward to bringing Bank of America’s practices to light and recovering the wages that our clients and their co-workers earned but were not paid,” said Schwartz. Bryan Schwartz Law, which recently filed suit on behalf of commercial appraisers against JPMorgan Chase, has previously succeeded in favorably resolving numerous wage-and-hour class actions on behalf of other groups of misclassified employees, from loan officers to store managers.

For more information about this case, Boyd v. Bank of America, et al. (Case No. Civ-13-561-DOC), please contact Bryan Schwartz at Bryan@BryanSchwartzLaw.com.